The bill legalizing cryptocurrency mining will again be submitted to the Russian parliament, which will postpone its adoption, one of its sponsors has announced. Members of the lower house are also working on a separate bill that will introduce liability for those who illegally mint digital coins.
Adoption of Russian Crypto Mining Legislation Postponed Again
A bill to legalize cryptocurrency mining, which was first filed with the State Duma in November, will again be submitted to the lower house of the Russian parliament after further consultations, according to Anton Gorelkin, deputy chairman of the parliamentary committee on information policy.
The legislator explained that the review of regulations is a difficult process. “As a co-sponsor of the bill, I can confirm that it will be postponed. I hope that this year we will be able to implement it in some form, ”said Gorelkin, quoted by the crypto Forklog.
Russian parliamentarians and other officials have been mulling over how to regulate crypto-related operations for more than a year. The law seeks to recognize mining as a legitimate business activity and to require entities and individuals involved to report their income to tax authorities.
According to the draft provisions, miners will be able to sell the coins abroad or on platforms operating under special legal regimes in Russia. Despite interest in the potential use of cryptocurrencies in international settlements under sanctions, most government institutions in Moscow remain opposed to allowing crypto payments inside the country.
Russian authorities want to introduce liability for ‘grey’ crypto miners
If approved in its current version, the legislation will also prohibit advertising or other forms of promotion of crypto assets to an unlimited audience. Russian lawmakers have already postponed its adoption once, in December. The original plan was to pass the law by the end of 2022.
Besides a profitable business, cryptocurrency mining has become a popular source of income for many ordinary Russians, especially in regions that maintain low and subsidized electricity tariffs. But this home mining has been blamed for breakdowns and fires, leading to a proposal to ban it in residential areas.
Last week, the head of the Duma’s Financial Markets Committee, Anatoly Aksakov, revealed that lawmakers are preparing another bill that introduces liability for so-called “gray miners” or those who steal money. electricity for cash or have illegally connected their equipment to the grid. The senior MP told RBC Crypto that the two laws are expected to pass simultaneously in the first half of the year.
Do you think Russia will pass the new cryptocurrency mining legislation this year? Tell us in the comments section below.
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